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in surplus. illinois, the dakotas in debt. missouri is your equivalent of in greece, a permanent bailout. the thing is, whereas markets are amazing institutions for allocating existing goods and services among consumers, they are chronically bad at creating a balance between deficit and surplus regions. a geographic problem, and intertemporal. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. given that, a failure of the banker is not the same thing as the failure of a clothes maker. suddenly, there are two things that must happen. one, society will demand that banks are not allowed to go to the wall. then bankers are affectively given carte blanche, free money for themselves. and the whole mechanism breaks down like in 2008. it is often said in the eurozone, we made a huge error in europe of binding disparate economies by means o
of protest. >> the german parliament approves billions in loans and guarantees to save greece from bankruptcy. >> with more and more shoppers seeking out handcrafted and traditional gifts, germany's famous christmas markets struggled to keep up with the demand. tens of thousands of egyptians are out protesting against president morsi at this hour after an islamist-led assembly raced through the approval of a new constitution, a move to end the crisis. >> the document is based on sharia law. critics say it ignores fundamental democratic principles and marginalizes the nation's large christian populations. it has set the stage for conflict in a more increasingly divided nation. >> opponents of the president are outraged at the document adopted by the assembly. protesters are maintaining a vigil, and demonstrations are growing. critics warn that egypt is fast becoming an islamic state. >> hosni mubarak never divided the egyptian people. now, there is president morsi, and we do not know if he is the president of egypt or the president of the muslim brotherhood. >> islamists who dominate the assem
in europe -- but greece -- puts greece as the most corrupt country in europe. >> germany is mulling over whether to try to outlaw a far- right party accused of stirring up anti-immigrant sentiment. minister >> to go formal step toward banning the national democratic party, -- ministers took a formal step toward banning the national democratic party, the npd. some worry that prohibiting the party could backfire. it could drum up sympathy for the far right. >> the ministers are united in their call for a ban on meat npd. they reviewed extensive -- on the npd. they reviewed extensive documentation before making up their mind. >> i never would have thought they were so anti-democratic or anti-semitic. or so oriented towards violence and so unconstitutional. we have been discussing a ban for 12 years. now we have a lot of material to go on, much more than ever before. >> the ministers will seek to the government's support for the ban. one federal interior minister said they have a good case, but he admits there are risks. >> the danger is that these proceedings could give new life to a party
with a daring new plan to save greece. >> welcome back. greece has announced a plan to buy back bonds as part of its effort to reduce its debt load. >> the success of the plan is essential to unlocking the next payment of eight athens, but it is still uncertain whether it will work -- of aid to a thens, but it is still uncertain whether it will work. >> german finance minister wolfgang schaeuble and his french counterpart, pierre moscovici, went in front of parliament. >> things have to move fast. there is no reason to worry. the calculations are realistic. i hope it works. >> there is no plan b. >> the finance ministers brushoff warnings that the programs might not reduce greek debt enough. spain has formally asked for almost 40 billion euros in aid for its troubled banking sector. >> a strong indication that we have been successful in stabilizing the eurozone. spain now leads -- need less than originally assumed. the situation has improved. >> another trouble spot is cyprus. the country needs a bailout of between 10 billion euros and 17 billion euros. officials are waiting for our report on
for greece's rural population. >> but first, here are some other stories making headlines. thousands of sunni muslims are continuing their protests against the iraqi government, demanding the resignation of the prime minister, accusing him of sectarian politics. that's after bodyguards of the sunni finance minister were arrested on terrorism charges last week. >> the president of the central african republic has appealed to france and the u.s. for help against a rebel coalition that has vowed to topple his government. france has declined to intervene against the rebels who have already taken several towns and are now advancing on the capital. >> heavy snow has paralyzed large parts of eastern canada. in montreal, traffic came to a virtual standstill. police are telling people to stay at home, as some areas are expected to receive almost half a year of additional snow. well, we are going to a short break. after we come back, we will look at europe's crisis year 2012. >> we will find out how it will be a year to forget for one of germany's top swimmers. stay with us. >> welcome back. in just th
. italy, spain, portugal, greece and ireland, hungry are in terrible shape. serious terrible shape. and because some folks don't pay attention to numbers, here's a chance for a statistic to help. students of mine, professors who came to the united states to study the universities where i taught. now professors at the university of acton, major universities increased. today their salaries as we speak are 40 percent less than what they were in may of 2010. try to imagine yourself in a job that you've kept in which the money you get every week is 40% less. police, fire, school teachers, social workers, you name it. .. governments in france and germany have been very frightened since they too are facing an economic crisis and they too are trying to solve it by making demands of their people to pay for something we come in to. they have chosen to use a very dangerous strategy particularly warm germany and the strategy goes like this. we the government are your friends, you the german working-class, because we are not going to allow you to be made to pay for those lazy southern european
of 8 months to the next federal election in germany, for instance. greece therefore is the sick person europe. of the world. meanwhile, the united states of america is ungovernable. you have a system in this country that was created to create this country as an ungovernable state. you have congress, the president canceling each other out. how the president -- whoever the president might be -- do anything? you have china -- finding it impossible to provide a replacement for the demand that the west has done away with. so, i do not have an answer for your question. bewilderment. >> my question is about consumer demand and the extent to which the old system depended on it. if we do not have it to the same degree, could there possibly be a new economy? i cannot know how to say all of these in the right economic terms. i will say what i am thinking and see what you make out of it. its teams like all the economy's got to a point where it had to be based on growth. it could not just be sustainable. it had to grow. and that meant more consumers. so, then, that led to a lot of things ecological
and stalin of -- >> dividing up -- >> yeah, the british will get 90% of greece. the russians get 90% of bulgaria, and hungary, and divide it up that way. it was pretty cynical. but when roosevelt dies, in april of '45, his last telegram to churchill was, we always have these minor disafremonts with the russians about we end up resolving them so let's not make a big deal. no reason we can't maintain friendship after the war. when truman gets in there in 1945, april 12, he immediately takes a different course. roosevelt's alliance with the wartime alliance with the soviets was still very strong at that point. but truman turns to advisers who roosevelt never trusted in the first place, didn't pay any heed to, people like burns. the second day of the 13th -- burns in south carolina, a private plane, and as -- burns gives them same message, the soviets are break all their agreements. they cannot trusted, and within two weeks the u.s. policy tornado the soviet union is going to change in april of 1945. by the time there's that big meeting on april 23rd with molotov and april 23rd, the uni
in brussels until thursday. >> greece's international lenders say the deeply indebted nation deserves to keep getting funds for a bailout, but they continue to warn that there are very large risks that the greek economy could eventually collapse. >> the report from the european commission and european central bank comes as athens receives a long overdue installment of over 34 billion euros international aid on monday. lenders are concerned about growing political resistance to implement needed reforms. public-sector workers are calling for strikes on wednesday to protest. and the international monetary fund, which is also part of the troika of lenders to greece, has released 890 million euros in fresh bailout funds to ireland. the imf says the country is making good progress under its own two-year rescue program. >> ireland is proceeding with reforms to lower its deficit in spite of a slowdown in economic growth. the imf expects ireland's deficit to come under targets. in spite of calls to boost social spending in response to high unemployment. ireland's budget for next year and to reduce its
for the indebted country. the u.s. ratings agency standard and poor's has upgraded greece's credit ratings. their best reading since june 2011. >> the agency they credited the eurozone strong support for greece, and it is committed to keeping athens in the currency. the upgrade comes after the successful creek by that program earlier this month. the former ceo of car maker porsche is facing charges of market manipulation relating to the company's attempt to buy volkswagen back in 2008. >> is accused of denying portion of's takeover plans, although the move was already under way. prosecutors say that had an impact on the share price, and investors were misled. the takeover ultimately failed, and portia was itself bought out by vw. -- porsche itself was bought out by volkswagen. >> 5, 4, 3, 2, 1, and lift off. >> on board are one american, one russian, and a canadian. it will take a crack about to be would days to reach the iss. -- it will take the craft about two days to reach the iss. vulcanologists in russia have been able to get a glimpse of a spectacular eruption in siberia. it began er
to talk about greece or not, whether i want to dive straight into the banking union and what chance have we possibly got of getting agreement. >> let's talk about greece, much more fun. no, greece we have to get out of the way. is the debt by back program going to be successful, everyone nds it will. we know that's the one little lynchpin on which everything else rests. so if it's not, the money will not flow, but everybody insists as when he headed into the euro group meeting yesterday that it will be successful. that's also what what we hear from the greeks. there's a bit of arm fwising, but it will probably go through. and then lo and behold ahead of the actual summit in the morning, they can sign up the check for the next greek installment also we hope. we're also closer to a little rescue package for cypress. spanish aid package for the banks is on track. so that was the working list last night. another thing on the to-do list. the head of the euro group confirmed last night that, no, i will not extend anything now, i will definitely leave as head of the euro group at the end of thi
't get. see if you can do better. it wouldn't take much. >>> greece's national bank euro bank alfa and perez says they need the money following disclosures by the lenders last week. greece is concerned that the 50 billion euros set aside for bank recapitalization will be enough to cover the shortfall. >>> and the italian treasury is holding its last debt sale of the year. traders are expecting to see solid demand for the paper after rome placed nearly 12 billion euros of shorted dated paper just yesterday. still, they warn investors could become more discerning in the new year especially as the italian electric tore ral race on thursday. italy expects to raise around 10 billion euros next year. less supply. we know there's still plenty of investor demand and no sign necessarily of re-ignited concern about the longer term health of these -- you could call them peripheral economies. >> no. things have really improved. it's all still down to the ecb's pledge to support these countries if they fulfill the conditions. especially in the case of italy. the country is fulfilling conditions
with the resources at hand. -- >> the c.s. becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic product, that inhibit future economic growth in a significant way. this is just about -- not just about numbers on page, it is really about opportunities for people. whether you will be able to send your kid to school, to college, whether it will be able to buy a car, my house, whether we will have economic opportunity for the people of the country. the best academic research that has been done shows that if a country's debt gets too large in relationship to the size of its economy, the economy does not grow as fast. opportunity is lost. jobs are lost. so there is a similarity with what is happening in europe and what could happen here if we don't get our house in order. >> you talk
the wires. we have quite a bit of support for the euro because of the s.a.p. upgrade on greece and the situation over there. we'll see also the way the market is reacting. let's have a quick look at what the dax is doing. it's been perky, up 0.15%. trading toward the 7,665 level. >> patricia, this comes at a time when people have been focusing on the strength of the euro. as we're over the 1.32 level you mentioned, certainly member countries would like to see a weaker currency. but as long as the surveys hold consistent with strength in the german economy, we're not likely to see that weakening. >> no. absolutely. and the more we get over the entire question will the euro break up or not, as long as that happens we will have some more support in the euro which is not bad if you think about the quantitative easing we've seen in the eurozone and also inflation. that could be the counterpart of the equation, that we still have money being pumped into the economies wheroe ouausterity is going on. we have a little pullback possibly going forward when it comes to the euro. then again
. greece unveiling that $10 billion eurobond buyback. a 52-week high in france and germany. our road map this morning begins in washington where fiscal cliff negotiations according to the "times" has "collapsed." at least for now. with less than a month until the deadline, who blinks first if anyone? >> goldman takes dell from a strength to a buy. is it time to look at the stock and maybe even other players in the beat up personal computer sector? >> manufacturing data out of china. not bad. 50.6. that's the highest in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on
. there is no argument there as there wasn't for greece. we know the countries, italy, greece is in a crisis and it's a crisis due to lack of competitiveness. going back to the currency, under the currency they create a wave of all sorts of problems including inflation and i think it is not a good route. >> well, i do rather agree with paula on this one. the problem with the euro is it gives you easy and quick solutions. and we're going to keep developing your currency. as you go back to the old days where you keep lowering your currency and you pay relatively high rates on your debt. so the appeal of the euro in the beginning was, oh, chief debt. it looked like christmas. now we're discovering that that regime, a ten-year regime where many peripheral countries got hammered. only germany sort of really held it together. now we have to look at how to undo this. for countries who have no ambition about their future, then maybe the policy is the way to go. italy had so many things going for it that falling back, that seems almost -- >> how about the service in the g-7. >> italy is two countries. it's
reached on the banking up. it's integrity is good for the agreement and as we focus on greece today, conditions are in place to disburse the next tranche of aid to greece totalling 43 billion euros. >>> over to japan, voters are heading to the poll on sunday. the major indicators suggest a win for the opposition party. the local media says there is still a large pool of undecided japanese voters. kari enjoji has more on this report from tokyo. >> reporter: 12 parties, some less than a month ole are fielding 1,504 candidates. but instead of being slow for choice, voters say i just don't know. polls suggest the prime minister's democratic party is unraveling, hinting that many first-time politicians that swept the party to a victory three years ago could be wiped out. >> it's quite possible that the cpj will sink from neing first or second but possibly to even third parties in japanese politics. >> the dpj's handling of the fukushima disaster and undelivered economic promises have alien ated many voters. if the liberal democratic party wins, shinzo abi could with the newest restoratio
, washington state in surplus. illinois, the dakotas in debt. missouri is your equivalent of in greece, a permanent bailout. the thing is, whereas markets are amazing institutions for allocating existing goods and services among consumers, they are chronically bad at creating a balance between deficit and surplus regions. a geographic problem, and intertemporal. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. given that, a failure of the banker is not the same thing as the failure of a clothes maker. suddenly, there are two things that must happen. one, society will demand that banks are not allowed to go to the wall. then bankers are affectively given carte blanche, free money for themselves. and the whole mechanism breaks down like in 2008. it is often said in the eurozone, we made a huge error in europe of binding disparate
, greece, portugal are likely to stay in recession for the whole year, i would argue there's a high probability that italy will come out of recession towards the end of the second quarter. >> and that seems to be the real concern that is in the market today, whether the political upheaval, even the campaigning by berlusconi could undo some of that progress. >> i think the key point is will the reform programs that have been initiated by the monte government, will they stay intact? i think there's a reasonable chance, they've had a more than reasonable chance that that is the case. yes, it's not surprising, we have the sell off today. it's inest knowledge that as the campaigning builds up, investors will be nervous.. the move by investors back into italian bonds over the next few months, we could see some exits. but i think if we get a sensible election results, and i think we probably will, then the reform program will be intact and the new government will stick to the budget that is going to be passed in the next two weeks. >> maybe a buying opportunity there. i won't quite put the
austerity measures have prolonged. not taken that area out of recession. in greece, you often hear members of this house who say the united states economy is going to be like greece. oh, really? greece is not growing. greece has lost 25% in its economy in the past five years. greece's economy shrunk by 7% this year alone. there's a 20% unemployment rate in greece and even higher for younger people. greece doesn't make anything that the rest of the world wants. the american economy is dynamic. the american economy always needs to be improving with education, scientific research and infrastructure investment. so, a rational system, a rational political system would respond much differently than what is going on here in this congress. we're talking about spending cuts and allowing tax cuts that haven't produced economic growth to be extended. all of the people that are talking about spending did all the spending. they are the debt and deficit creators. if we want to experience economic growth we have to invest in this economy. and it's critically important to the future of this nation. medica
into the incident. workplace officials often fail to adequately enforce workplace safety standards. >> in greece, a bomb has exploded in an athens suburb. no one was hurt, but the explosion damaged adjacent businesses. some have called for banning the anti-immigrant party whose popularity has surged during the greek debt crisis. >> in belfast, protesters have clashed with police over plans to remove britain oppose the union jack flag from city hall. hundreds of protestant demonstrators attempted to storm the building after the majority catholic city voted to take it down. 15 police officers were injured. and these are testing times for a new push by the european union to reconcile serbia and its former southern province. >> although it has been almost five years since costs of a declared independence with western backing, tensions are just as high. still, there are optimists. we talk to the german commander of the nato-led peace keepers in the north of the country for more. >> our coverage begins. >> the bridge links the ethnic albanian and serve parts of the city appeared to this day, it is gua
, not only of traders -- if traders and investors look at greece today are watching the problems in italy. the news that mario monti will step down really dragged down the mood. >> let's take a quick look at some market numbers. the dax closed just a tad out at 7530. the euro stoxx 50 ended the day almost 1/4 of 1% down. across the atlantic, the dow jones is currently going up just a tad. the euro is trading for 1.2934. >> 7.2 magnitude earthquake has struck off the coast of indonesia. reports saying it hit off shore of -- about 200 kilometers northwest of those islands. >> no tsunami warning has been issued. the usgs said the quake was reported at a depth of 158 kilometers. indonesia's's position within the ring of fire makes it prone to it -- indonesia's position within the ring of fire makes it prone to earthquakes. travelers have another nasty surprise waiting for them this morning -- and announced -- an unannounced strike by security workers. that caused several flights to be cancelled. >> frankfurt was particularly hard hit. today's strike complicated cleanup efforts from a recent b
at greece, but also they're watching the problems in italy. the news that mariom onti -- monti will step down. that's really dragging down the mood. >> let's look at some market numbers. dax closing up. stoxx 50 at 2624. the dow jones is currently up almost 1%. the euro is trading at $1.3007. >> agrees has reached their target in a bond buyback scheme, at least they are calling to the state tv. >> they bought the bonds at a discount of 70% from investors and the private banks. this was a condition for them to receive further eu funds. finance ministers are set to meet to discuss releasing the bailout funds. british banking giant hsbc has agreed to pay a record $1.9 billion to settle a money- laundering case. investigated by authorities in the united states. >> hsbc was accused of using the u.s. financial system to transfer funds from mexican drug cartels and from countries like iran that had been placed under international sanctions. >> the u.s. government says hsbc invaded these practices. they've have been said to enabled terrorists and others to ensure bent sanctions. despite the heft
european countries. the gender gap in pay is smallest in greece and norway. the researchers say one reason for the gender gap as many women work in poorly paid part-time jobs. that also affect retirement pensions. the gender gap among retirees is bigger in germany than in any other developed country. one possible solution, experts say, is more child care opportunities. she left her career -- stayed with it because of child care options offered by her company. >> calling for nationwide protests next week following the first round of voting on the new constitution in germany -- in egypt. 56% voted in favor of the draft. >> they are complaining of numerous voting irregularities and are declaring every count. they say it paves the way for islamic law and as a threat to the christian minority as well as civil rights. official referendum results will only be known after a second round of voting next weekend. the german government has expressed concern over the situation in egypt. >> the minister for development said an unstable egypt would be a security risk for the entire region. he said, "the
and transportation workers have staged a 24-hour strike in the greek capital. strikes have become frequent in greece since public spending has been cut to meet conditions for international bailout funding. >> iraq's president has arrived for medical treatment following a stroke. few details have been released about the seriousness of his condition. he is seen as a unifying force in iraq, mediating among sunnis, shia, and kurds. >> protesters in several indian cities are calling for action to stop the increasing number of violent rapes of women, following the rape and beating of a 23-year-old by six men on a bus in new delhi. doctors say the young woman is still in critical condition. >> christmas is, of course, just around the corner, and many retailers have been targeting customers, looking for that last-minute gift. and then there is this -- how about a personal shopper when you are at the airport? >> sounds good. as it turns out in frankfurt, germany, there is one, and he is especially looking to help out an increasing number of travelers from china, who are looking to part with lots of cash. >>
of the year of crisis with a steady hand. she has stuck to her goals in 2012 -- to save the euro and greece without compromising germany's financial stability. >> how alive is the concept of charity? we bring you an example from mexico. >> first, some of the stories making news. japan has a new prime minister, voted in by the lower house of parliament earlier today. his liberal democratic party won by a landslide in polls earlier this month. he has vowed to introduce aggressive monetary policies and says he wants to revise japan's pacifist constitution. >> china has launched the world's longest high-speed rail route. the line between cities is almost 2,900 kilometers long. trains travel an average speed of 300 kilometers per hour, cutting travel time in half to just eight hours. >> floods in malaysia have forced more than 13,000 people to flee their homes. the floods have hit several states of the country's east coast. one woman died after slipping into a swollen river, and forecasters are expecting more rain to fall. >> china's leading producer of rare earth is attempting to shut down some
would be some many would love to have. >> austerity programs have put people in places like greece, spain, and portugal in jeopardy. some families are having trouble putting a enough food are in the table. a lot of food gets thrown away. >> sabina has a lot of cleaning the to do. the food in her pantry is safe to eat, and bring in a way seems like a waste. the solution? food sharing. >> i often by more than i can eat. now i'm going on holiday and there will be no one to eat them, happy to share. >> anyone can donate items they don't want to throw away. a kilogram of fruit, gingerbread cake, cookies. for sabina, it is a way to help neighbors. heike's boys enjoy apples. those interested can sign up online. >> you have to have the right attitude. other people would throw this food away. >> most people find it hard to find the right amount. more often than not, they buy too much. on average, a german household throws away 80 kg of food per year. the film "tast the the waste" looks at this. the director is the creator of food sharing. >> we wanted to do more than just save a few heads o
, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing in the right direction. he thought it was going to peek around 75%, 75%. it looks like it could go up even further. so let's see what he says on that front today. in terms of options, he has very few options indeed because this is a government which as we know has set its fallout on plan a. and yet, are we seeing real austerity? i'm not entirely sure. government borrowing this fiscal year so far in the five months that we have figures for already is 26.7% higher than the same period a year ago. the idea originally this year was for flat spending and then getting it down there after. and he's having to borrow more and more money, october figures were around 2.6 billion pounds more in borrowing than analysts expected. having to borrow more because tax receipts and corporations are falling. the labor party -- i was speaking to rachel reeves earlier on,
? and there is not enough evidence for that yet to be concerned about it. well, yes. in individual countries it may. greece, you see the rise. but you don't see it and those corestates of global capitalism yet. and it's hard to see how those versions would offer that. it's not impossible given this crisis becoming deeper and deeper, but it's hard to say after that. >> hi. i have a question about the visibility of capitalism. here in the united states, individual freedom and restraint. for a long time we just like to talk about the market and a propensity of individuals to exchange. in the fifties it was called a free enterprise system. it's almost as a people who were part of the capitalist, "one mysterious death this recent crisis has suddenly made it difficult in the way it has not done quite enough of. so many people in america where they talk about how they kind of crony capitalism took over the natural capitalism. just let it loose again. everybody gets a fair shake. everything will work all right. being able to see something, a system about using gives. reproduce itself. [inaudible] [inaudible] that
the various government actions. look at wages in greece and now spain. wages in greece are down more than 25%. very painful, but we've heard about the pain already. what we haven't heard so much about is the competitiveness. >> enor husband costs with incredibly high unemployment rates. >> that i'm afraid is what's going on and that's extremely unpleasant. what i'm saying in terms of market action is we know about that, we're focused already on the unemployment, we're not focused on the wage improvement in competitiveness. >> all right giles, more to come from you you. also we'll hear from the stars of les mis about why the classic story will resonate with the current economic climate. and later in the program, we'll also hear from the nigerian finance minister about the resources boom. but you what about the corruption issue. and we'll also hear first from apple's new ceo tim cook about steve jobs' legacy and his future plans for the tech giant. plus of course we'll continue to keep you updated on the reaction and the latest dealings from the earthquake in japan. >>> a 7.3 magnitude earthqu
of a break-up, notably let by a greece exit were too high, higher than keeping greece in. >> and who were some of the past winners? what in your point of view is the most important criteria for picking person of the year? what is this supposed to represent? >> it's an important contribution to innovation. we've had receive jobs, for example, as person of the year. we earlier, five years ago, we had picked shawn claude trichet, the then president of the european central bank because he led the central bank response in 2001. so i think it's someone who has made a decisive, positive contribution to economic policy, public policy and that is probably why we wouldn't choose the north korean lead, who just let up a north korean missile this week. >> are there any regrets over choosing trichet now? >> i don't think so. he played an important role. we think mr. draghi has been somewhat bolder in his approach, notably through the money transactions which are designed to intervene in the bond market to reduce spreads where, in effect, speculators are betting on a break up of the eurozone, which is
rather than contraction. it's been since october of last year. also abroad greece announcing it will buy back bonds through a dutch auction. the set up whether allow athenss to assess the level of demand before setting a final bryce for the deal. part of the country's efforts to cut its about a along debt. and in germany, merkel is not ruling out the possibility of notifying greece some of its debt once athens finances are in better shape. angela merkel told a german tabloid that the question of the so-called haircut can be revisited. in the past, merkel's government had ruled out forgiving any debt. >> in corporate new, ubs is reportedly close to a settlement. the "new york times" says the swiss bank is expected to pay horn $450 million over claims that some of its employees submitted false libor rates. that's pretty huge story and we will take a look and ten to see what happens with this. also morgan stanley trader is under investigation by cme regulators over trades and treasury futures four years ago. at the time he was employed by goldman sachs. he's now head of global interest rate
of communist occupation. poland is as different as greece is from some land. europe is now divided in many ways. there are a few elements of the communist past you can see. there is a paranoid element in politics that comes from the legacy of people being spied on and having lived in an oppressive system. they are more paranoid about secret deals behind their backs, because secret deals were done behind their backs, and that is understandable. there is an anxiety about being left behind in the west. the memory of the past continues to play out, but in truth, these countries are more different from one another than they are similar. >> you chose three of eight countries behind the iron curtain? >> it depends on how you count. >> what were the three democrats i chose to poland, hungary, and east germany. they have different historical background. they belong to different empires in the 19th century. they have different political traditions and mostly because they have given experiences of the war. germany was nazi germany. poland resisted very strongly. the nazis had one of the most resistant mov
the stand outout here is the euro. greece getting a five notch upgrade at the s&p. our road map this morning starts with gm. government motors no more. the treasury to exit its stake in the next 12 to 18 months, purchasing 2 million shares by the end of this month. >> another challenging quarter for fedex with the blame squarely on sandy. but the stock is up pre-market. >> oracle posts a strong quarter with even stronger guidance. the season rebound in europe. no impact from the fiscal cliff. >> and ge gets boosted from ubs's key call list on the weaker than expected macro environment. still on the list is including -- well tell you in a couple of minutes. >> general motors is up sharply in the pre-market session. the treasury department says it intends to sell the rest of its stakes in gm in the next 12 to 15 months. the automaker will buy back 200 million shares from treasury for $27.50 a share. treasury says it plans to sell its other remaining shares through various means in an orderly fashion. timothy masssad will join us later. this could be a buy signal with the government signaling i
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